$AMD position trade idea LONG TERM weekly/monthly

AMD has been weak for awhile on the weekly chart, but nothing lasts forever. This is a long position trade idea I have for myself, with the thesis that, long term, AMD is reaching for 360ish over the next couple of years, based on fib projections from back when the bull market started years ago.

AMD briefly touched a premium zone months ago (red shaded area), and with the current weakness AMD has been pulling back and just reached a short term discount zone around $109 (green shaded area). My expectation is that AMD might drop a bit more into this zone, perhaps sweep under the lows at $93.12, reach a couple of projected targets for the short interest (that I have marked in red and orange lines), and then find support and bounce aggressively from there.

This is all based on a pattern I frequently see where when a chart reaches the premium zone near the end of a move, it often pauses just shy of the target and feigns a reversal, falling back into the short term discount zone, often sweeping a low, and then aggressively pushing for the target that was intended all along. This serves to wash out any short term holders and deny them the full target, while offering good prices to the long term holders to reaccumulate before reaching their target.

Seek professional investment advice elsewhere, this is not trading or investment advice, this is my own observations and how I intend to approach AMD in this current price area. I will not be blindly buying anything and I always manage my risk in case I'm wrong.